Consolidation to continue? for FX:XAUUSD by DrAnandM

Consolidation to continue?

Gold might continue to consolidate before next trending move.

Range is Huge.

Even Consolidation may provide decent Trading opportunities.

2330 is again going to be the crucial zone

Below 2330,

2275 zone could be tested

If 2330 is respected, 2390 zone could be tested.

Rest Of the Analysis on Daily Basis

Note

Level correction
2385 zone +-5 And not 2390

Note

Some Bearish Price action Upfront..

2275 looks likely below 2320

If 2275 not Respected, then 2245 could be tested..

Note

Below 2320

2300
2275
2245

Possible Targets

Note

SC only above 2345

Note

Gold has taken support around 2320.

Above 2345 zone,
2365
2385 could be tested

Note

As mentioned gold couldn't break 2345.

So Most likely downside break possible

Note

Gold happens to keep making higher highs as part of retracement.

2345
2325

Trending move on either side break.
In between is going to be no trading zone

Note

Some Change in Sentiment I guess..

Gold might be preparing for another rally.

2315 zone could provide decent support.

Only below 2305 some bearishness could prevail.

Note that this is just a view and not a trading recommendation

Note

2310-2315

Note

SC above 2340 opening 2375

Note

Unless gold tests 2304 in which case 2330 zone will become value area to sell

Note

So sell on rise it is till gold is below 2335 2330

Note

2260
2240 opened up

Note

Most likely from 2260 some buying is expected

Note

2255
2230 possible zones that could be tested.

Note

unless gold trades above 2353

Gold will be under bears control..

Shorts will cover like crazy above 2353

Note

Below 2285 zone

2250 zone could remain a possibility on day of NFP.

Note

2285 zone tested

Note

Head and shoulder formed

Note

Upon completion, Breakdown possible

Note

Gold may continue to consolidate before next trending move during NFP..

Note

Stage looking set for 2250?

Note

2335 on upside
2290 on downside

Trending move on either side break.

2355 or
2250

Could be tested.

Note

Correction* 2280 Not 2290

Note

Data Cold! Wil wait for Bullish Trade above 2355

Note

Below that I won't mind Shorting Gold Yet again at Decent levels

Note

As mentioned, didn't break 2280.
Weekly Analysis Coming weekend

DrAnandM

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